Converge Technology Solutions (TSE:CTS) Rating Lowered to Tender at Desjardins

Desjardins lowered shares of Converge Technology Solutions (TSE:CTS) from a buy rating to a tender rating in a research note released on Friday,BayStreet.CA reports. Desjardins currently has C$5.50 price objective on the stock, up from their previous price objective of C$5.00.

Other equities research analysts have also issued reports about the company. Stifel Canada raised Converge Technology Solutions to a “strong-buy” rating in a research note on Wednesday, January 15th. Canaccord Genuity Group lowered Converge Technology Solutions from a “moderate buy” rating to a “hold” rating in a research note on Monday, February 10th. Ventum Financial lowered Converge Technology Solutions from a “buy” rating to a “tender” rating and lowered their price objective for the company from C$6.00 to C$5.50 in a research note on Monday, February 10th. CIBC raised their price objective on Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Monday, February 10th. Finally, Stifel Nicolaus set a C$4.00 price objective on Converge Technology Solutions and gave the company a “hold” rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$28.83.

Converge Technology Solutions Stock Performance

TSE CTS opened at C$5.44 on Friday. The stock has a market capitalization of C$1.03 billion, a PE ratio of -6.52, a P/E/G ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 1-year low of C$2.90 and a 1-year high of C$6.06. The business has a 50 day simple moving average of C$4.32 and a two-hundred day simple moving average of C$4.05. The company has a debt-to-equity ratio of 85.78, a current ratio of 0.96 and a quick ratio of 0.68.

Converge Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, December 28th. Investors of record on Saturday, December 28th were paid a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date was Tuesday, December 10th. Converge Technology Solutions’s dividend payout ratio is currently -7.20%.

About Converge Technology Solutions

Converge Technology Solutions Corp is a Canadian company building a platform of regionally focused Hybrid IT infrastructure providers that deliver best-of-breed solutions and services in the United States. The solutions provided include multi-cloud solutions, the blockchain, resiliency, and managed services, enabling the company to address the business and IT issues that public and private-sector organizations face.